21
Nov

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Dr. Milton Friedman, 1976 Nobel Prize for economics, has died at age 94. He was one of the most influential economists in the 20th century, maximized individual freedom and had a close relation to the economic policies of presidents like Regan and prime ministers like Thatcher.
He was the author of a very provocative article in regards to business in society in the New York Times of 1970 and which stated that the “social responsibility of business” is to “increase its profits”.
This has led to a robust discussion and strengthening of arguments in regards to Corporate Responsibility, both in favour and against:
“Not only can corporate and social needs be integrated, but the success of the developing world in improving prosperity is of fundamental strategic importance to almost every company.” Michael Porter on “The Competitive Advantage of Corporate Philanthropy”
“Today corporate social responsibility, if it is nothing else, is the tribute that capitalism everywhere pays to virtue.” The good company: a survey of corporate social responsibility,” The Economist, 20 January 2005.
Joel Makower from World Changing has written an interesting article in this regards. Building on the discussion allows a better understanding of business in society. Dr. Friedman was a strong contributor to this ongoing conversation; hope you care to join it…

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